Measurement firm comScore (NSDQ: SCOR) said that weak macroeconomic conditions were cutting into its project-based revenue as customers looked for ways to cut costs, but that its subscription revenue remained strong, with a contract renewal rate of more than 90 percent on a dollar basis.
ComScore posted net income of $0.3 million ($0.01 per share), down 89 percent from the $2.5 million ($0.08 per share) recorded during the same period a year ago. Much of that fall was attributed to a higher tax rate during the quarter. Revenue for comScore's first fiscal quarter increased 16 percent to $30.6 million, from $26.4 million a year ago. On average, analysts expected earnings per share of $0.01 cents and revenue of $30.5 million. For 2009, the company cut its expected revenue growth to 10 to 12 percent, from 15 percent.
By Joseph Tartakoff